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Becoming a Section 8 landlord?

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longislemom
LIF Adult

Member since 8/06

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Becoming a Section 8 landlord?

Has anyone listed their house with Section 8? If so can you please share the process, price and any regrets? Did the tenants take care of your house?
I am considering doing this because it is sure to be paid, but I don't want my house to be damaged.

Please also FM if not comfortable posting.
Thanks so much.

Posted 6/22/21 5:33 PM
 
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Mrs213
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Member since 2/09

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Becoming a Section 8 landlord?

Not personally but my friend had a few properties she rented section 8. She has nothing but nightmares to tell about it. They sold all the properties except one which was very damaged and they hung onto it because they would have had to sell at a huge loss. They couldn’t afford to make repairs and sell. Squatters kept breaking into it and she kept getting calls from town code enforcement while at work. They recently decided to fix it up and sell finally but it stood empty for years.

Posted 6/22/21 6:09 PM
 

PhyllisNJoe
My Box Is Broken

Member since 6/11

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Phyllis

Re: Becoming a Section 8 landlord?

Posted by Mrs213

Not personally but my friend had a few properties she rented section 8. She has nothing but nightmares to tell about it. They sold all the properties except one which was very damaged and they hung onto it because they would have had to sell at a huge loss. They couldn’t afford to make repairs and sell. Squatters kept breaking into it and she kept getting calls from town code enforcement while at work. They recently decided to fix it up and sell finally but it stood empty for years.



This. Not personally but 2 different friends/coworkers have and regretted every second of it. Similar issues as above

Posted 6/22/21 6:19 PM
 

windyweather21
LIF Adult

Member since 3/21

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Re: Becoming a Section 8 landlord?

Just renting alone and not selling is what our friend did and these people destroyed his house. I actually saw the damage and was shocked what people would do to others homes. Holes in the walls and doors. They allowed their kids to draw all over the walls. Left all their garbage all over the floor. Just a huge mess. It always worried me to think about renting my home to someone.

Posted 6/22/21 6:21 PM
 

DancinBarefoot
06ers Rock!!

Member since 1/07

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The One My Mother Gave Me ;-)

Re: Becoming a Section 8 landlord?

For every horror story, there is a good story. I work with a lot of people that have Section 8. I have client's whose homes are immaculate, and others that I refuse to sit on the furniture. Having a section 8 tenant doesn't mean your house will be destroyed, but renting to someone who doesn't qualify for section 8 doesn't mean you won't have to do major repairs after they move out.

Renting is a gamble. Section 8 rents are capped by federal law, so even if you are getting paid, it may not be current market rate. Section 8 only adjusts market rate once a year in October. Every lease renewal requires working with the section 8 agency to make sure they pay an increase. The other piece is that even if section 8 is paying, it doesn't mean the tenant will pay their portion - the same as any other tenant - no guarantee of full payment.

Other things to keep in mind - the law changed in 2019 and you can only get one month's security. No more first and last month's rent and a month security. You can run a credit check, but you can't search the court records for prior evictions and then use that info to exclude a potential tenant.

Posted 6/22/21 6:49 PM
 

nycbuslady
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Member since 9/15

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Becoming a Section 8 landlord?

Renting in general is a gamble. My parents have been renting to Section 8 for probably 20 years. They’ve had good and bad tenants. I think the key is that you need to go there yourself often. Go to put the trash to the curb. Go and mow the lawn, if you have a lawn. If there’s a common hallway between the apartments, go and sweep regularly. If the tenants see the owner taking care of the property, maybe they’ll feel like you’re invested in the house, not just for the money.

My parents are retired, so that’s what my dad does. He lives 15 minutes away, so it’s not a big deal to go there two or three times a week.

Posted 6/22/21 7:43 PM
 

hmm
Sweet

Member since 1/14

7984 total posts

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Re: Becoming a Section 8 landlord?

Posted by DancinBarefoot

For every horror story, there is a good story. I work with a lot of people that have Section 8. I have client's whose homes are immaculate, and others that I refuse to sit on the furniture. Having a section 8 tenant doesn't mean your house will be destroyed, but renting to someone who doesn't qualify for section 8 doesn't mean you won't have to do major repairs after they move out.

Renting is a gamble. Section 8 rents are capped by federal law, so even if you are getting paid, it may not be current market rate. Section 8 only adjusts market rate once a year in October. Every lease renewal requires working with the section 8 agency to make sure they pay an increase. The other piece is that even if section 8 is paying, it doesn't mean the tenant will pay their portion - the same as any other tenant - no guarantee of full payment.

Other things to keep in mind - the law changed in 2019 and you can only get one month's security. No more first and last month's rent and a month security. You can run a credit check, but you can't search the court records for prior evictions and then use that info to exclude a potential tenant.




well said.

Posted 6/22/21 8:09 PM
 

longislemom
LIF Adult

Member since 8/06

912 total posts

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Becoming a Section 8 landlord?

Oh wow! thanks for the feedback everyone. Sounds like too many horror stories to even take the risk.

I think I will look for a Property Management Company then, if anyone is familiar with any please let me know.
Thanks.

Posted 6/23/21 8:01 AM
 

nycbuslady
LIF Adult

Member since 9/15

1065 total posts

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Re: Becoming a Section 8 landlord?

Posted by longislemom

Oh wow! thanks for the feedback everyone. Sounds like too many horror stories to even take the risk.

I think I will look for a Property Management Company then, if anyone is familiar with any please let me know.
Thanks.



The thing is that there’s a risk, no matter who the tenant is. Even a regular non-Section 8 tenant can ruin your apartment. You just don’t know.

Posted 6/23/21 11:35 AM
 

longislemom
LIF Adult

Member since 8/06

912 total posts

Name:

Re: Becoming a Section 8 landlord?

You are all right, there is a risk in any situation. I have a question - Isnt section 8 to be held accountable for damages? How can it be ok for those tenants to trash your property and get away with it?
I would think since you didnt source the tenants then it becomes Section 8's responsibility?
What recourse is there?

Posted 6/23/21 12:09 PM
 

nycbuslady
LIF Adult

Member since 9/15

1065 total posts

Name:

Re: Becoming a Section 8 landlord?

Posted by longislemom

You are all right, there is a risk in any situation. I have a question - Isnt section 8 to be held accountable for damages? How can it be ok for those tenants to trash your property and get away with it?
I would think since you didnt source the tenants then it becomes Section 8's responsibility?
What recourse is there?




Nope. Section 8 doesn’t take any responsibility for damages. They don’t pay the security deposit either. Basically, you’re interviewing the tenant yourself. So, if you think they’ll be good tenants, you pick them. Section 8 doesn’t force a landlord to take a particular tenant, as far as I know. You’re just agreeing to accept payment from Section 8. The lease is between the owner and the tenant. You have to submit the lease to Section 8 so you can get the rent.

Section 8 determines the fair market value of the apartment. Then, they determine what amount the tenant can afford to pay and Section 8 pays the rest.

Section 8 also inspects the apartment before each tenant moves in and I think every 2 years after. They look at the weirdest things. My parents had an apartment rejected because the walls of the bedroom were painted white, but the inside of the closet was some other color. Apparently, the walls inside the closet have to match the room. So, my father had to paint the inside of the closet to pass inspection.

Posted 6/23/21 3:09 PM
 

MC09
arrrghhh!!!!

Member since 2/09

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Me speaks pirate!

Re: Becoming a Section 8 landlord?

Idk about section 8 (other than you're probably guaranteed the portion of the rent they cover - I think??) but renting to ANYONE is a huge huge gamble and there are never any guarantees. My friend had a horrible experience with what seemed to be such nice people that came highly recommended by friends.

Posted 6/23/21 8:25 PM
 

MarathonKnitter
HAPPY

Member since 2/07

17374 total posts

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EMBRACING CHANGE

Re: Becoming a Section 8 landlord?

i have a co-worker who ONLY rents to section 8 tenants. she considers them dream tenants, especially during the pandemic - she never had to worry about her rent money coming in.

i'll ask her about the process to get started.

Posted 6/24/21 10:31 AM
 

longislemom
LIF Adult

Member since 8/06

912 total posts

Name:

Re: Becoming a Section 8 landlord?

Posted by MarathonKnitter

i have a co-worker who ONLY rents to section 8 tenants. she considers them dream tenants, especially during the pandemic - she never had to worry about her rent money coming in.

i'll ask her about the process to get started.



Ok, thanks and are they on long island or out of state?
.


About the security deposit, can the tenant pay the last month and security? or is it section 8 that pays only 1 month?

Posted 6/25/21 9:17 AM
 

MarathonKnitter
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EMBRACING CHANGE

Re: Becoming a Section 8 landlord?

Posted by longislemom

Posted by MarathonKnitter

i have a co-worker who ONLY rents to section 8 tenants. she considers them dream tenants, especially during the pandemic - she never had to worry about her rent money coming in.

i'll ask her about the process to get started.



Ok, thanks and are they on long island or out of state?
.


About the security deposit, can the tenant pay the last month and security? or is it section 8 that pays only 1 month?



i'm in CA, but i want to say that it will be the same all over because it's a federal program.
she is out of the office, right now. she'll be back on monday and i'll ask for you. Chat Icon

Posted 6/25/21 2:40 PM
 

FirstMate
My lil cowboy

Member since 10/10

7790 total posts

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Re: Becoming a Section 8 landlord?

Posted by longislemom

Oh wow! thanks for the feedback everyone. Sounds like too many horror stories to even take the risk.

I think I will look for a Property Management Company then, if anyone is familiar with any please let me know.
Thanks.



Let me tell you, it doesn't matter. We were landlords for years. We had "nice" families who trashed the house. Not intentionally to destroy anything but carelessly ripping TV's off of walls to the point we had to replace sheetrock, dragging furniture damaging the floors, ovens disgusting to the point we just replaced the whole unit, generally leaving the house dirty, dog poop all over the yard, etc. I HATED being a landlord. On the other hand, my parents have had the same woman as a tenant for 20+ years and she is wonderful. She has made the house her own and really takes pride in it. Its a total gamble.

Posted 6/26/21 8:38 AM
 

lululu
LIF Adult

Member since 7/05

9508 total posts

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Re: Becoming a Section 8 landlord?

My sister in law lives in Section 8 housing because she is disabled so it's run through the county. Her apartments are always well maintained but the county sends in aids to help her and her roommate. I am not sure who cleans it but my sister in law's disabilities would make it hard for her to do anything other than straighten up.

I think if you can get tenants like her and her roommate it would be great!

Posted 6/26/21 10:21 AM
 

nycbuslady
LIF Adult

Member since 9/15

1065 total posts

Name:

Becoming a Section 8 landlord?

There was an article in the real estate section of Newsday, last Friday, June 25th. They mentioned section 8. I saw it in the print edition. Maybe if you search the online article, there may be links to info on Section 8.

Posted 6/28/21 9:45 AM
 
 

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